Quote:
Originally Posted by iggypop
No, the $250, is a combination of the:
Katz was putting in 100 million, approximately 5.5 per year for 35 years.
Facility Improvement Fee (ticket tax) 125 million (I thought this # was supposed to be 150.)
For a total of "more than a quarter-billion dollars into a new arena."
Really though, he's actually only paying the 100, as obviously the ticket tax actually comes from the tax payer too.
Least that is my understanding.
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Yes. Then a month or so ago he said he wanted another 6 million per year as what he called an offset of operating costs. That money would basically offset the mortgage payment on his 100 million.
In other words, via his shell game, the arena was free, as long as he could get the City to agree.
Total ######y move. When you add the fact he also wanted a guaranteed tenant in a nearby office tower, he was trying to spin this into something more profitable than his drug stores.